BUSINESS

AutoNation 1Q net income up 5 per cent on higher new, used vehicle sales

04/25/2012 07:53 EDT | Updated 06/25/2012 05:12 EDT
RICHMOND, Va. - AutoNation says that its first-quarter profit rose 5 per cent on growing new and used vehicle sales.

The nation's largest auto dealership chain said Wednesday that its net income rose to $73 million, or 55 cents per share. That compares with $69.4 million, or 46 cents per share, a year earlier. It says net income from continuing operations at 56 cents per share is a record for the quarter.

The company, based in Fort Lauderdale, Fla., says revenue increased 10 per cent to $3.66 billion.

Analysts expected earnings of 53 cents per share on revenue of $3.59 billion.

AutoNation Inc. says new-vehicle revenue at dealerships open at least one year increased 8 per cent and were up 10 per cent overall.

Used vehicle revenue rose more than 10 per cent.